Some of the components of Form 16 are:
Employee name, PAN of the employee.
PAN of the company, Tax deduction, and the TAN of the company.
Acknowledgement number of the taxes paid by the employer.
Salary details like gross salary, net salary, details of deductions, incentives, etc.
Education cess, and surcharge amount details.
Unable to upload Form 16?
As a quick help it’s seen in multiple instances that Form 16 zip file has to be copied, pasted on separately on Desktop/Any Drive, but not in multiple folders
The steps to be followed along with uploading the Form 16 in the website are listed below.
- Uploading Form 16 details on the Income Tax Return (ITR) Form
- Fill in the income details
- Calculate tax liability
- Go to the taxes paid and verification tab
- Submit your ITR file
- Generate ITR-V
- E-verify returns
There are Form 16 mismatches in Part A & Part B, what can be the reasons?
Some of the reasons for data mismatch are:
Failure of the deductor to furnish TDS details to the IT department in time.
Incorrect challan details or error in challan information number(CIN).
Incorrect PAN in TDS return filed by the deductor.
Incorrect TAN/PAN of the deductor.
Error in an amount in the TDS return.
Details are incomplete in the TDS return.
Read below the difference between Form 16 Part A & Part B
Form 16 Part A has
• Name and address of the employer
• TAN & PAN of employer
• PAN of the employee
• Summary of tax deducted & deposited quarterly, which is certified by the employer
• Assessment Year
• Period of employment with the employer
• Form 16 Part A must be generated and downloaded through Traces portal
• Part A of the Form 16 also has a unique TDS Certificate Number.
Form 16 Part B has
• Detailed breakup of salary paid
• Deductions allowed under the income tax act (under chapter VIA)
• Relief under section 89
• If you have held more than one job during the year, you’ll have more than one Form 16.
• Part B is prepared by the employer manually and issued along with Part A.